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State Bond Sale Exceeds
Expectations |
Demand was so high for state general obligation
bonds this week that the State Treasurer sold $6.54
billion worth instead of $4 billion as expected.
Until this sale, the tight credit market and the State's
prolonged budget crisis kept California out of the bond
market for nine months. It is unclear what this
succesful bond sale means for affordable
housing developers who are awaiting state funds to
either "take out" construction financing or to secure
loans needed to begin construction.
The CA Department of Housing & Community
Development (HCD) reported in a memo today that the
additional bond sales increase the likelihood HCD will
get funding needed to meet Prop 46 and 1C
commitments. HCD Deputy Director Chris Westlake
said, "The response to the bond sales could mean that
many of the approximately 800 projects originally
affected by the freeze may now be able to receive their
funding earlier than originally projected."
Earlier in the week, however, the Chief Deputy
Director of the State's Department of Finance told
advocates that the bonds that the Treasurer sold were
"tax exempt" bonds and the HCD programs would not
be eligible. They would have to wait until a
sale of "taxable" bonds later in April for funds. He
also explained that after the April sale, there would be
no further bond sales until the State's mid-year budget
"revise" and results of the May election are
known. The next PMIB scheduled meeting is April 15
but another meeting has been posted for Monday, April
6.
It isn't too late to send a letter to PMIB
members (State Treasurer, Director of Finance and
Controller) telling them how important it is to fund
housing ahead of the 6,000 stalled road,
school, university, and hospital projects. Letters
and testimony particularly from residents is needed.
If you need help to in organizing this, contact doris@housingsandiego.org. The
purposes of this effort are to ensure that housing
developments get funds quickly to meet ongoing financing
commitments, to ensure that residents don't
have to experience having their new apartment
foreclosed upon, and to return some certainty to
affordable housing financing.
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Correction on
TOD Application |
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Last week's Weekly Brief erroneously
reported that housing element compliance was needed for
Infill Infrastructure and TOD grant
applications. Jurisdictions must have a housing
element found to be substantially in compliance by the
California Department of Housing and Community
Development to apply for Infill Infrastructure funds
only, not TOD. The TOD amendment pertains to
maximum grant amounts where there are multiple
developers. For information on the TOD application
amendment, click here.
TOD applications are due April
2. |
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Spring Mixer Set for April
23 |
SDHF is hosting a Member and Prospective Member
Mixer on Thursday, April 23 from 5:30 p.m. to 7:30 p.m.
at Buster's Beach House in Seaport Village. This is an
event where members have the opportunity to network
while Prospective Members learn about how the
Federation's work benefits them. There is no cost to
attend, with hosted Hors D'ouevres and a cash bar. The
sponsor of this event is Swinerton Management and
Consulting. Please click here here to
view the invite and pass it along to your primary
business partners. RSVP to Kelley Dukat by April 20 at
kelley@housingsandiego.org. |
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Green Grant Applications
Due |
Enterprise Community Partners will award a total of
$500,000 to developments committed to providing green
affordable housing. Grant awards will range between
$20,000 and $75,000 per project. The online application
is due on or before April 20. Awards are expected to be
made by mid-June. In general, Green Communities grants
will be made as part of a package of favorable financing
intended to improve the feasibility of integrating green
building items throughout affordable housing
developments. Uses and application criteria are
described here.
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Helping Families Weather the
Storm |
The San Diego Foundation's Health & Human
Services Working Group and San Diego LISC invite you to
a session with the Annie E. Casey Foundation and local
nonprofits to learn about a new approach to helping
low-income families weather the current economic crisis
and move ahead. They are sponsoring a free program
entitled "Helping Families Achieve Financial Security"
on Tuesday, March 31 at the SD Foundation.
Breakfast is at 8:30 and the program runs from 9 a.m. to
11 a.m. at 2508 Historic Decatur Road, Suite 200, San
Diego 92106. Register by calling 619-235-2300 or email
anahid@sdfoundation.org.
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Section 8
Letters Needed Now |
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The National Low Income Housing Coalition is urging
that members send letters TODAY urging our Members
of Congress to sign on to two different "Dear Colleague"
letters encouraging an increase in the number of Section
8 vouchers by the House Appropriations
Subcommittee. For many years there have not been
meaningful increases in the number of new, "incremental"
Housing Choice Vouchers, and we do not expect the
Administration to recommend 200,000 new vouchers in its
detailed budget request later in April without a strong
show of support. Sample letters are available here.
Send letters by 9 a.m. Monday, March 30. Click here to
identify your Representative.
The Reason An Increase Is Needed: The
City of San Diego's Section 8 voucher waitlist appears
to be growing faster than at anytime in the last ten
years, according to the Section 8 director at
the San Diego Housing Commission. As of today, the
Housing Commissioin's wait list is 37,275
families...full funding, and especially more vouchers,
is just what is needed to get more low-income families
into housing they can afford. Send those letters
now!
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Funding Available to Study
Housing Impact |
The John D. and Catherine T. MacArthur
Foundation is accepting proposals for a new competitive
research program to determine whether the policy case
for affordable housing can be strengthened by rigorous
empirical research that determines whether and how
housing affects the well-being of families, children,
communities, and their local economies.
The foundation will consider supporting research
studies of up to 3 years duration and will provide no
more than $1 million. A summary of the proposed
research is due April 17. To be eligible,
applicants must be affiliated with a nonprofit entity.
Click here for
complete program information.
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SDHF Office Closed
Tuesday
The San Diego Housing Federation will
be closed Tuesday in commemoration of Cesar E. Chavez
Day.
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| May Roundtable |
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Understanding Tax Credit Partnership
Agreements
Affordable Housing Roundtable
Thursday, May 7
7:30 - 9:30 a.m.
NTC Command Center
Pt. Loma
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| Member Mixer |
5:30-7:30 p.m.
Buster's Beach House
Seaport Village
Sponsored By
Swinerton Management & Consulting
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| Awards Event |
SAVE THE DATE
June 11, 2009
Affordable Housing & Community
Development Awards
Handlery Hotel
Mission Valley
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